Whether you’re renting an apartment or a house, if you live near campus, you may want to consider marketing towards college students. While some may think that college rentals are a risk, the truth is that there are more benefits than disadvantages.
Higher Rent Opportunities
While you know that college students typically seek out affordable apartments, you can also figure in that most college students will have roommates to keep the costs affordable. This means that you could up the rent and still have it be affordable to college students who are splitting the rent between two to three people.
High Demand for Property
Universities and colleges welcome thousands of students every year. On top of that, most students do not want to live on campus all four years, plus with the high demand of housing, there isn’t always room in the dorms for all of the students. This means that every year, there will be an influx of students hunting for an apartment. If you’re scared of vacancies, renting to college students is a good way to ensure that that doesn’t happen. If you’re going to rent a building, high demand is important for any landlord and advisable by landlord Steven Taylor.
Stable Payments for Rental
When you rent to students, odds are, the student doesn’t pay his or her own rent. Instead, students will typically receive financial aid to cover living expenses and if not financial aid, many have parents that pay the living expenses. This means that you are more likely to have someone responsible paying the rent each month. Actually, you may even receive rent months in advance, because financial aid tends to pay out per semester.
If you are weighing out the pros and cons of renting to a college student, there are plenty of benefits to it. Some shy away from college kids because they are young and inexperienced with renting. The truth is that they generally have access to stable income and will keep your apartment vacancy free.